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Can reverse auction move Marblehead mansion?

Posted by Scott Van Voorhis January 21, 2014 06:16 AM

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The owner of an oceanfront compound in Marblehead is turning to a rather unusual tactic in a bid to find a buyer.

While mansion sales are picking up in Marblehead and other North Shore towns, demand is not sizzling yet either, at least compared to what's happening in the downtown Boston condo market.

So in a bid to move his mansion, Andrew Oliver, the owner and listing agent of 11 Crown Way in Marblehead is reducing the price of his 7 bedroom, 15-room, four-and-a-half bath manse each Friday until he lands a buyer.

The 6,265-square-foot manse, which first hit the market in June 2012 at $4.5 million, is now listed at $3,949,000.

Come Friday, unless a buyer appears this week, that price will drop to $3,924,000.
The plan, says Oliver, who writes a blog about North Shore real estate, is to drop the price every Friday by $25,000 until he lands a buyer.

On the block is a stately family compound that dates to 1850, also includes a 2,400 square foot "carriage house" - large enough to squeeze my entire Natick fixer-upper into and then some.

Too rich for me. How about you?

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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